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2015 Real Estate Exam Practice Test
QUIZ #1
25
Real Estate & Planning
Professional
05/17/2015

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Cards

Term
A licensed real estate broker has been hired by a lender to appraise a home for a buyer who has made application for an FHA loan. Which statement is true regarding this situation?
Definition
The broker is required to be a state-certified appraiser to perform this appraisal assignment
Term
Leaseholder estates do NOT include
Definition
A remainder estate
Term
The Florida Real estate commission must notify which agency when it take disciplinary action against any of the agency's licensees?`
Definition
Division of Florida Condominiums, Timeshares, and Mobile homes
Term
Failure to comply with the statute of frauds will result in
Definition
an unenforceable contract
Term
Which stature prohibits discrimination in hotels, restaurants etc?
Definition
Civil Rights Act of 1866
Term
A Broker receives a $5,000 Deposit on Tuesday, What day should he have the deposit in the account by?
Definition
Business on Friday
Term
Which expense is subtracted to derive NOI
Definition
Vacancy and Collection Losses
Term
An Investor wants to build a motel, agent gives him 3 choices, all zoned for Hotel-Motel. Agent goes on vacation, Buyer purchases his property but did not know that the status of the property changed to industrial, what is the broker guilty of?
Definition
Culpable negligence
Term
Which clause is included in a mortgage to prevent a subsequent buyer from assuming an existing mortgage loan?
Definition
Due on Sale Clause
Term
The broker is a single agent of the seller. The principle has disclosed to the broker that the roof leaks. The broker would satisfy his legal obligation by telling them
Definition
The roof leaks
Term
The seller instructs the listing broker not to show his home to members of a protected class.Which is the brokers best course of action?
Definition
Withdrawal from the listing agreement
Term
A broker has a listing priced at $120,000. An uninformed buyer offers $125,000. The buyer buys the property for $120,000 then sells it for $125,000 Which statement is false?
Definition
This is legal as long as the broker withdrawals from the listing first.
Term
A woman has homesteaded her residence. her home has an assessed value of $279,000. She is disabled due to a car accident, and legally blind. What is her cumulative tax exemption on her homesteaded residence?
Definition
$51,000
Term
The duties of a real estate licensee, owed to a buyer or seller who engages the real estate license as a single agent, included all EXCEPT?
Definition
Limited confidentiality , unless waived in writing by a party
Term
Federal savings associations that are members of the federal home loan bank system are regulated by the?
Definition
Office of thrift supervision
Term
A sales associate who is employed by a owner-developer who owns properties in the name of various entities may be issued
Definition
A group license
Term
A tenant signed a lease for ten years requiring a monthly based rent of $1,900, Plus 2% of all monthly gross sales volume over $95,000. The tenant also must pay all property taxes, insurance, and other costs normally considered property owners cost. This is a
Definition
Net Lease
Term
A real estate license may be revoked or canceled without prejudice for which action?
Definition
Issuance of a license by mistake by the commission
Term
a brokers license was involuntary inactive for two years and one month. To operate again what must he do?
Definition
FREC Course I and pass the sales associates licensing exam
Term
A man negotiated and was successful in the sale of a federal communication commission license for a TV station. He is not a real estate broker or sale associate. The Man....
Definition
Has not violated F.S. 475.
Term
Which statement concerning characteristics of the real estate market false?
Definition
The real estate market is organized and controlled centrally
Term
A comparable property has 1 more bedroom $8,000 and is on a slightly larger lot $2,000. The comparative market analysis requires a net adjustment of?
Definition
Minus $10,000 to the comparable property
Term
Which entity may NOT be registered as a real estate brokerage?
Definition
Corporation Sole
Term
The Formula to calculate the overall capitalization rate is
Definition
NOI divided Value (OR PRICE)
Term
Which is not a requirement under RESPA?
Definition
Give mortgage applicant a list of competing lenders so that the consumer can comparison shop for the best rate.
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